On 30 November 2018, the Financial Markets Law Committee (FMLC) published a report (the Report) on the onshoring of EU legislation with regards investment funds and investment fund managers. Specifically, the Report considers legal uncertainties arising from the changes proposed by the Draft Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018, and the Draft Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2018. These include: references to other legislation; the new regimes for temporary recognition of funds and collective investment schemes; arrangements for delegation by alternative investment fund managers; the restriction on the promotion of sub-funds; and the transfer of functions to HM Treasury.